Canara Bank Board approves to raise Rs 2,500 crore via tier-I bonds

India Infoline News Service | Mumbai | October 15, 2016 13:24 IST

The bank said it will raise up to Rs 2,500 crore in one or more tranches by issuing Basel-III compliant bonds.

Canara Bank
Canara Bank informed BSE that the majority of the Directors have taken note of the contents and the recommendations of the Bank in the Circular Note and consented to the following:

To raise Additional Tier-I Capital Funds through BASEL-III Compliant Additional Tier-I Perpetual Bonds in Rupee Terms domestically for an amount not exceeding Rs 2500 Crore in single tranche or in tranches depending on the Market Conditions to maintain healthy CRAR during the current financial year;

To constitute a Bond Committee to determine the structure of the Issue Size, tenor, coupon, timing of the Issue, date of allotment, listing and other matters connected to the said Issue.

Canara Bank ended at Rs 313.3, up by Rs 2.85 or 0.92% from its previous closing of Rs 310.45 on the BSE.

The scrip opened at Rs 312 and touched a high and low of Rs 315.2 and Rs 309.4 respectively. A total of 2839072(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 17011.91 crore.

The BSE group 'A' stock of face value Rs 10 touched a 52 week high of Rs 339.2 on 05-Oct-2016 and a 52 week low of Rs 156.2 on 29-Feb-2016. Last one week high and low of the scrip stood at Rs 332 and Rs 306.1 respectively.

The promoters holding in the company stood at 66.3 % while Institutions and Non-Institutions held 26.6 % and 7.1 % respectively.

The stock traded above its 50 DMA.

***Note: This is a NSE Chart



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